UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 14A
(Rule 14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934

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SCOTTISH RE GROUP LIMITED

(Name of Registrant as Specified in Its Charter)

Not Applicable

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HAMILTON, Bermuda, Jan. 19 /PRNewswire-FirstCall/ -- Scottish Re Group Limited (NYSE: SCT), a global life reinsurance specialist, today announced it will hold an Extraordinary General Meeting of Shareholders at 11 a.m. local time on Friday, February 23, 2007 to vote on its previously announced agreement between Scottish Re Group Limited ("Scottish Re") and MassMutual Capital Partners LLC and certain affiliates of Cerberus Capital Management, L.P. (the "Investors"). The meeting will be held at the Fairmont Hamilton Princess Hotel, located at 76 Pitts Bay Road, Pembroke HM11, Hamilton, Bermuda.

Scottish Re set Friday, January 19, 2007 as the record date for the determination of shareholders entitled to vote at the Extraordinary General Meeting. Scottish Re will mail a definitive proxy statement to all shareholders of record as of the record date on January 22, 2007. Scottish Re urges all shareholders to sign, date and return their proxy cards without delay.

About Scottish Re

Scottish Re Group Limited is a global life reinsurance specialist. Scottish Re has operating businesses in Bermuda, Grand Cayman, Guernsey, Ireland, Singapore, the United Kingdom and the United States. Its flagship operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd., Scottish Re (U.S.), Inc., and Scottish Re Limited. Additional information about Scottish Re Group Limited can be obtained from its Web site, www.scottishre.com.

This press release may be deemed to be solicitation material in respect of the proposed private placement of Convertible Preferred Shares of Scottish Re. In connection with the proposed transaction, Scottish Re has filed a proxy statement with the SEC. Investors and security holders of Scottish Re are advised to read the DEFINITIVE proxy statement and any other relevant documents filed with the SEC when they become available because those documents will contain important information about the proposed transaction. The final, definitive proxy statement will be mailed to shareholders of Scottish Re. The definitive proxy statement is, and other relevant documents will be, available for free at the SEC's web site at http://www.sec.gov. Free copies of the definitive proxy statement and Scottish Re's other filings with the SEC may also be obtained from Scottish Re. Free copies of Scottish Re's filings may be obtained by d irecting a request to Scottish Re Group Limited, Post Office Box HM 2939, Hamilton, HM MX, Bermuda, Attention: Secretary.

Scottish Re and its respective directors, executive officers and other members of its management and employees may be deemed to be soliciting proxies from Scottish Re's shareholders in favor of the proposed transaction. Information regarding Scottish Re's directors and executive officers is available in Scottish Re's proxy statement for its 2006 annual meeting of shareholders, which was filed with the SEC on April 4, 2006. Additional information regarding the interests of such potential participants is included in the definitive proxy statement filed with the SEC on January 17, 2006.

Contact: Sarah Lubman, or Catherine Jones, both of Brunswick Group for Scottish Re Group Limited, +1-212-333-3810.